1/18/2024 0 Comments David fink bill ackman![]() But Paul and Peter felt that the stock market crash was going to be the beginning of a very, very tough time for poor people.” Jones invited Borish, Saltzman, future hedge fund manager Glenn Dubin, and a friend he’d met volunteering over to his bachelor pad near the United Nations to talk things over. “And as a result, they and Tudor’s investors made a tremendous amount of money. ![]() “Paul Jones and Peter Borish, who was working at Tudor Investment Corporation at the time, predicted that markets were going to crash in 1987,” says Saltzman, remembering the moment of creation. And until two years ago, nor had the organization’s day-to-day leader.Ĭo-founder David Saltzman agreed to run Robin Hood in its infancy, and stayed for 27 years. The mission of eradicating poverty in New York City hasn’t changed since 1988. (In contrast, overspending by the Metropolitan Museum of Art forced staff layoffs in 2017, despite record attendance, The New York Times reported.)įor decades, Robin Hood has thrived on its formula of powerhouse fundraisers, disciplined budgets, hedge fund megadonors, and ruthless cost-benefit analysis. On a cost basis, each year the foundation grants out nearly everything, but never more than, donors gave, and the billionaire board pays for overhead. On a nonprofit-revenue basis, Robin Hood is four or five times better at throwing a party than the editor of Vogue magazine. Jones raised an entire Met Gala plus $3 million in a few minutes at his dinner, and he did it while looking like the star of a retirement home’s production of Men in Tights. For context, Anna Wintour’s annual orgy for the famous and underfed - the Met Gala - reportedly charged $275,000 a table last year, generating $12 million. Unparalleled in New York’s robust charity scene. For perhaps the first time, the Robin Hood Foundation - a brand imitated by peers and studied in business schools - wants to be something else. Officials say gala donations rose from 2017, but still refuse to disclose an actual figure. “How many miracles have we done? How many lives and destinies have we altered together for the betterment of those folks forever?” ![]() To hell with that!” Jones declared from the stage. “Everyone’s going to talk tomorrow about how much money we raised. This one-night figure had become shorthand for attendees’ and Robin Hood’s success for the year, despite the foundation’s goal of alleviating poverty, not gathering assets. It was $54.5 million in 2017 and a staggering $73.5 million in crisis-wracked 2009. Lo kicked off a private show, regular attendees were anticipating the gala’s usual climax: Jones unveiling the night’s total fundraising take. “That’s Robin Hood’s greatest achievement.”īefore J. “We didn’t know that we’d be emulated by hundreds of other charities and foundations and individuals, here in this country and around the globe,” Jones told the audience in May. Investors want to see the numbers, and Robin Hood earned their fierce loyalty by letting them do just that. ![]() It’s not enough to say you’ve done good with donor dollars. Robin Hood pioneered the quantification of philanthropy. Robin Hood has become the charity of choice for the hedge fund class.Īs with Jones’s game of $1 million one-upmanship, the foundation has over the years honed its formula for squeezing the rich and aiding the poor. Since 1988 the nonprofit has raised and spent about $3 billion to fight poverty in New York City. Jones set up Robin Hood with a few friends in his Manhattan bachelor pad in 1988, and continues to serve on the board. ![]()
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